Summit Ridge Energy (SRE) has entered into a joint venture with Osaka Gas USA Corp., a subsidiary of Osaka Gas Co. Ltd., to construct, own and operate over 120 MW of community solar projects throughout the state of Maine.
Once operational, the portfolio of distributed solar farms will generate enough energy to provide approximately 11,000 residential and commercial ratepayers with monthly utility savings. The announcement comes just two years after the successful launch of SRE’s initial joint venture, Summit Ridge Capital Holdings, which has financed over 150 MW across Illinois and Maryland.
Under Maine’s Net Energy Billing program, customers can reduce their monthly electricity expenditure by purchasing bill credits generated from community solar farms. enabling households, businesses and municipalities to access clean energy savings without physically installing panels on their premises.
CohnReznick Capital acted as the exclusive financial advisor on the transaction.